Authorizing Economic Development Revenue Bond Harbor Metal Treating of Indiana Inc Project

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later than ten years from the date of the first principal payment, which in no event may exceed thirty (30) years from the date of issuance, for the purpose of procuring funds to pay the costs of acquisition and installation of the economic development facilities as more particularly set out in the Bond Purchase Agreement and Equipment Loan and Security Agreement incorporated herein by reference, which bond will be payable as to principal, premium, if any, and interest from the note payments made by Harbor Metal Treating of Indiana, Inc. under the Equipment Loan and Security Agreement and Note or as otherwise provided in the above described Bond Purchase Agreement. The bond shall be issued in fully registered form in the denomination of $700,000, and shall be redeemed as provided in Section 4 of the Bond Purchase Agreement. Payments of principal and interest are payable in lawful money of the United States of America at the principal office of the Bondholder in immediately available funds. The bond shall never constitute a general obligation of, an indebtedness of, or a charge against the general credit of the City of South Bend, nor is the bond payable in any manner from revenues raised by taxation. Section 4. The Mayor and Clerk are authorized and directed to sell such bond to the purchaser thereof at a rate of inter- est on the bond not to exceed a rate of interest equal to 85% of the interest rate announced from time to time by National Bank of Detroit, Detroit, Michigan, as its prime rate and at a price not less than 100% of the principal amount thereof. Section 5. The Mayor and Clerk are authorized and directed to execute, attest, affix or imprint by any means the City seal to the documents constituting the Financing Agreement approved herein on behalf of the City and any other document which may be necessary or desirable to consummate the transaction, - 3 -